Xiaomi has launched its first electric vehicle, the SU7, with a starting price of 215,900 yuan ($29,866), positioning it as a direct competitor to Tesla's Model 3 in China. The aggressive pricing strategy was announced by Xiaomi's founder Lei Jun at a launch event in Beijing, where it was revealed that the SU7 would be available in three versions: standard, pro, and max, priced at 215,900 yuan ($29,866), 245,900 yuan ($34,016), and 299,900 yuan ($41,486), respectively, and offered in nine colors. This move by Xiaomi, primarily known as a smartphone maker, marks its entry into the electric vehicle market, aiming to challenge established players. The pricing of the SU7 is notably $4,000 cheaper than the Tesla Model 3, leading to speculation about the impact on Tesla's sales in China. Tesla shares reacted negatively to the news, indicating investor concerns over potential market share losses. Additionally, it was noted that Xiaomi would be selling each SU7 at a loss.
Xiaomi is kicking off sales of its first electric vehicles with aggressive pricing, betting the Chinese smartphone maker can succeed in a cutthroat market where Apple faltered https://t.co/e0a80zL5QN
$TSLA | Tesla shares are trading lower after Xiaomi priced its SU7 EV below Tesla's Model 3 in China.
Xiaomi releases electric car $4k cheaper than Tesla’s Model 3 as price wars heat up. The SU7 will sell for 215,900 yuan ($30,408) in the country, a price CEO Lei Jun acknowledged would mean the company was selling each car at a loss. -CNBC https://t.co/5BpK8t94ie
$NIO seems not happy about Xiaomi's SU7 pricing. $XPEV $LI CEOs were sitting on the front together. https://t.co/16xFZrXAQ4 https://t.co/JvnxqEjphn
Here comes yet ANOTHER chunk out of $TSLA's China sales. That stock should have a PE of 6, like every other no-growth, low-margin automaker. https://t.co/eHayjXY9p1
Here comes yet ANOTHER chunk out of $TSLA's China sales. This stock should have a PE of 6, like every other no-growth, low-margin automaker. https://t.co/eHayjXY9p1
Xiaomi releases electric car $4k cheaper than Tesla's Model 3 as price wars heat up https://t.co/R9m8XM466o
Xiaomi releases electric car $4k cheaper than Tesla's Model 3 as price wars heat up https://t.co/J3QmEHrwDg
BREAKING 🚨 China’s Xiaomi enters car market with new electric vehicle: CEO https://t.co/n8gqE4LkLo
Xiaomi has priced the SU7, its first electric vehicle, at CNY215,900 (USD29,866), CNY245,900 (USD34,016), and CNY299,900 (USD41,486), for the standard, pro, and max versions, founder Lei Jun said at a launch event in Beijing today. They come in nine colors. @Xiaomi @leijun… https://t.co/SobQxMwVT6
Xiaomi is kicking off sales of its first electric vehicles with aggressive pricing, betting the Chinese smartphone maker can succeed in a cutthroat market where Apple faltered https://t.co/qsa4x3n8TB
#BREAKING XIAOMI’S FIRST ELECTRIC VEHICLE SU7 STARTS AT 215,900 YUAN($29,900). @Xiaomi @leijun #Xiaomi $XIACY #SU7
#BREAKING XIAOMI’S FIRST ELECTRIC VEHICLE SU7 STARTS AT 215,900 YUAN. @Xiaomi @leijun #Xiaomi $XIACY #SU7
Xiaomi will launch the Xiaomi Car SU7 on Thursday, where Lei Jun will announce the starting price of the vehicle. Pricing that meets the expectations of Xiaomi fans is crucial to the brand power of Xiaomi cars. #Xiaomi $XIACY @leijun https://t.co/HufyWKW6ep
$TSLA 🇨🇳 Yes. Tesla Model Y was the best-selling electric SUV in China last week. https://t.co/rDsolULt1O
Xiaomi SU7: CEO teases price on upcoming car Read More: https://t.co/6emJgEMC3r #ARYNews https://t.co/tjqsB6Ur2F